Template-Type: ReDIF-Article 1.0
Author-Name: Zsuzsa Kékesi
Author-Name: Balázs Kóczián
Author-Name: Balázs Sisak
Author-Workplace-Name: Magyar Nemzeti Bank
Author-Email: kekesizs@mnb.hu
Title: The role of household portfolio restructuring in financing of the general
government
Abstract: Following the crisis, up until the end of 2014, net financial savings of households’ had been
gradually increasing, reflected also in the ever greater expansion in financial assets. Since
the beginning of 2012, in the course of households’ portfolio allocations, securities have
been gaining ground: first government securities, and later mutual funds. During 2013
portfolio restructuring started: households have started to use their savings previously
accumulated in bank deposits as well for purchasing government securities and mutual
funds. As a result of the above mentioned trends, financing of the general government by
households has increased significantly, and according to most recent figures, it is considered
to be high even when compared to other members of the European Union. In recent years
the increase of household financing has been even more considerable if indirect financing
– mutual funds, pension funds – is also taken into account. Present article analyses the
impact of households’ savings on the financing structure of the general government in
a descriptive way.
Classification-JEL: E21, H63, G18
Keywords: savings, households, government securities, financing
Journal: Financial and Economic Review  
Pages: 79–110
Volume: 14
Issue: 1
Year: 2015
File-URL: http://english.hitelintezetiszemle.hu/letoltes/4-kekesi-koczian-sisak-en.pdf
File-Format: Application/pdf
Handle: RePEc:mnb:finrev:v:14:y:2015:i:1:p:79-110